United Insurance estimates Q1 catastrophe losses of roughly $18M pre-tax
United Insurance Holdings Corp. announced estimated catastrophe losses incurred during the first quarter ending March 31, 2019 of approximately $18M before income taxes net of expected reinsurance recoveries. The company's first quarter catastrophe losses included claims from seven new PCS events with a hail storm in Brevard County, Florida during the last week of March being the largest driver of the estimated losses. UPC also experienced higher than expected development on prior year catastrophe events during the quarter. This development is included in the loss estimates above but will be reported as unfavorable prior year development, not catastrophe losses from the current accident year ending March 31, 2019.